Business Hub _ Cairo
The Egyptian Minister of Public Business Sector said, Hisham Tawfik that Egypt is seeking to include 7 or 8 of the largest hotels under the umbrella of one entity, in preparation for the listing on the stock exchange, which will be through the establishment of a joint venture that will be offered to major investors in coordination with the Sovereign Fund of Egypt in the coming months.
He added that the financial evaluation of the hotels that all belong to the “Holding Company for Tourism and Hotels – EGOTH” has not yet taken place, stressing that the Nile Ritz Hotel, owned by the Misr Hotels Company listed on the Egyptian Stock Exchange, will not be included in it.
The Egyptian Prime Minister, Mostafa Madbouly, had announced in mid-May that the government was working on merging 7 government hotels under the umbrella of one company in preparation for their listing on the stock exchange. As well as merging the largest 7 ports under the umbrella of one entity, in preparation for putting them on the stock market.
These hotels, according to government data, include the Cairo Marriott Hotel, the Cataract Aswan, the Mena House, the Steiger hotels in Cairo and Damietta, and the Winter Palace Hotel.
Egypt seeks to enhance the participation of the private sector to accelerate the pace of economic growth by offering government companies on the stock exchange and direct participation with major investors. As Kamel Al-Wazir announced, Egyptian Minister of Transport, In a televised statement last Tuesday, About establishing a holding company that includes 7 seaports, in preparation for offering a share of it on the stock exchange.
According to the statements of the Minister of Transport; The Egyptian Ports Holding Company, It will include the 7 largest Egyptian ports, These are the ports of Alexandria, Damietta, East and West Port Said, Adabiya, Sokhna, and Safaga.